Liberty Media Formula One (FWONK): F1’s Premium Audience Is Creating New Ways to Grow
Formula One has spent years expanding beyond the racetrack, and we think Liberty Media Formula One (FWONK) is still early in turning that growing global audience into a larger, more profitable business.
The stock trades around $97 per share and has fallen 3.6% so far in 2026, compared with a 12% gain for the S&P 500. That underperformance looks increasingly interesting as Formula One expands its media partnerships, premium experiences and live entertainment offerings.
One of the biggest developments is F1’s exclusive U.S. partnership with Apple TV. Apple TV has more than 20 million U.S. subscribers, giving Formula One access to a large audience that overlaps well with the sport’s premium demographic. The deal also reflects the increasing value of F1’s media rights as its popularity grows.
But Liberty isn’t relying on broadcasting alone. It’s finding more ways to monetize fans through F1 Arcade, F1 Drive, premium hospitality and destination race weekends. These higher-end experiences fit particularly well with an audience willing to spend on live events and entertainment.
MotoGP adds another opportunity. Liberty acquired the premier motorcycle racing championship in 2025, and we see significant potential to apply the Formula One playbook to the business. F1 generates multiple times more revenue from sponsorships and media rights than MotoGP despite having only about twice the fan base. Closing even part of that monetization gap could improve MotoGP’s margins and add another source of growth for Liberty.
What makes the model particularly attractive is that this expansion doesn’t require enormous capital spending. Capital expenditures are expected to remain below 3% of revenue from fiscal 2024 through fiscal 2028, supporting strong free cash flow generation as the business grows.
Jefferies initiated coverage of Liberty Media Formula One on Sept. 9 with a Buy rating and a $115 price target, which represented 21% upside from Tuesday’s close. The broader analyst outlook is even more encouraging. Of the 14 analysts covering the stock, six rate it Strong Buy, six Buy and just two Hold. None recommend selling. The average price target is $118.54, with a high of $135.
We think the opportunity here extends well beyond Formula One’s growing popularity. Liberty is becoming better at monetizing that audience through valuable media rights, premium experiences and live events, while its 2025 MotoGP acquisition gives it another major sports property where the same strategy could be applied.
With shares around $97 and trailing the broader market this year, we see an attractive opportunity to buy into a growing global sports and entertainment business before those additional revenue streams are fully reflected in the stock.
